Initiate Short Only If Nifty Closes Below 11580, Until Then Hold Long Positions

Last Trading Session: Indian Stock Market opened positive for the day. EquityPandit predicted that market would enter bearish zone only if Nifty closes below 11580 but until then traders should not initiate short positions and continue to hold long positions and exactly the same happened. Indian Stock Market saw some choppiness in early trade but recovered smartly in later half of the trading session. Finally, Indian Stock Market closed positive for the day.

Today: Indian Stock Market would open flat with positive bias. Technically, Nifty is still in positive zone but BankNifty is in negative zone. Nifty is taking support at 9-days EMA (Exponential Moving Averages). Nifty would enter into negative zone only if it closes below 11580 levels but until then, buying would be seen at every downfall in the market and it would also hold BankNifty to see sharp downfall. Nifty if closed below 11580 then we would see sharp downfall in the market but until then market would consolidate. Breaching levels of 11690 would force Nifty to see levels of 11730-11760 again. Once Nifty manages to close above 11730 then we would see new record highs in days to come.

Nifty:

FIIs were net buyers of Rs.797.90 crores whereas DIIs were net sellers of Rs.325.58 crores in cash market for last trading session. Nifty would see strong support at 11630-11600-11570-11498 whereas strong resistance would be seen 11700-11730-11760-11800 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

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Stocks In F&O Ban Period: ADANIPOWER, DHFL, IDBI, JETAIRWAYS and RPOWER.

NSE Nifty: (11666) The support for the Nifty is 11630-11600-11570-11498 and the resistance to the up move is at 11700-11730-11760-11800 levels.

NSE BankNifty: (30085) The support for BankNifty is at 29970-29830-29721-29650 and the resistance to the up move is at 30140-30270-30380-30500 levels.

BSE Sensex: (38862) The support for the Sensex is at 38800-38747-38700-38540-38445 and the resistance to the up move is at 38950-39027-39115-39240 levels.

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